Invesco continues to expand its European Hotel programme with the opening of the 25hours Hotel Piazza San Paolino in Florence. The implementation of this hotel project was made possible through a collaboration between the new owner Invesco Real Estate, the project developer Art-Invest Real Estate and 25hours Hotels as a business operator. Art-Invest Real Estate acquired the site in 2017 and converted a historic bank first built in the 18th century into a 171-room hotel consisting of three properties, a glass dome and extensive F&B facilities covering 10,750m². The first 25hours Hotel in Italy is located in the UNESCO-protected central Santa Maria Novella district in the heart of old Florence, in close proximity to the world-famous Cathedral of Santa Maria del Fiore and the main train station.
Invesco initially announced the acquisition of the building and redevelopment programme in July 2019 from Art-Invest Real Estate as part of a €160m forward deal for hotels in both Florence and Milan.
Chris Brassington, Senior Director – Fund Management at Invesco, said: “25hours Hotel Piazza San Paolino is a truly excellent addition to our portfolio and underscores the quality of the assets which we hold and which we believe will continue to perform as the world recovers from the pandemic. Florence is a prime tourism destination, and this hotel is superbly well-positioned to benefit from a renaissance in travel.”
Hans-Peter Hermann, Senior Director – Hotel Asset Management at Invesco, said: “With developer Art-Invest Real Estate and operator 25hours Hotels, we have created a highly attractive hotel asset that meets Invesco’s ESG benchmarks and supports our focus on leading the sector for the benefit of our investors."
